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« Gold: Driven By The US Dollar And Hampered By The S&P 500 | Main | Gold Spikes To 6Y Highs As Dollar, Bond Yields Plunge »

Gold Obliterates the resistance at $1350/Oz level

Taking a quick look at the above chart of gold we can see that is has obliterated its stubborn resistance level of $1350/Oz as per our previous article entitled:

Gold To Obliterate The Resistance Level Of $1350/Oz

The RSI stands at 83.72 which is the highest it has been for some time and the other technical indicators are also in the extremely overbought zone, so it may be worth waiting for the froth to settle back before splashing a lot of cash. However, the longer term is looking brighter than it has for the last few years so this could be a white-knuckle ride.


Take good care,

Bob K

The markets are pricing in a 100% chance of a rate cut in the US in July, so gold is moving in advance of a weakening US Dollar.

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